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To be eligible for an IRB approach, a bank must demonstrate to SAMA that it meets the IRB requirements in this framework, at the outset and on an ongoing basis. Banks’ overall credit risk management practices must also be consistent with the evolving sound practice/guidelines issued by SAMA.
16.8
There may be circumstances when a bank is not in complete compliance with all the minimum requirements. Where this is the case, the bank must produce a plan for a timely return to compliance, and seek approval from its supervisor, or the bank must demonstrate that the effect of such noncompliance is immaterial in terms of the risk posed to the institution. Failure to produce an acceptable plan or satisfactorily implement the plan or to demonstrate immateriality will lead SAMA to reconsider the bank’s eligibility for the IRB approach. Furthermore, for the duration of any noncompliance, SAMA will consider the need for the bank to hold additional capital under the supervisory review process or take other appropriate supervisory action.
